Eni’s Egypt gas find won’t lead to ‘Dutch Disease’ – Minister

The discovery of the Zohr natural gas field off Egypt “will not slow government’s economic reform”, Minister of Finance Hani Qadri Demian announced Monday.

Demian stated that the gas find is “a positive sign” to stay in the right track.

” The Gas find will not lead to a dutch disease”, Minister Demian said.

The minister made these remarks during Euromoney Egypt 2015 conference held Monday in Cairo on September 7-8th with the theme of ‘Financing the Future’.

In August, Italy’s Eni has discovered gas reserves of up to 30 trillion cubic feet in the Zohr prospect in Egypt’s Mediterranean, making it the biggest gas discovery ever made in Egypt.

The Italian firm announced in a statement that “Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea and could become one of the world’s largest natural-gas finds,”.